The expense and budget monitoring spreadsheet (Excel) is equally important as templates for individual or project teams. Everyone has a limited amount as a daily budget to spend on different activities.
It is the project manager’s duty to manage the expenses and total budget of the project under the effective cost and budget management process during the project lifecycle.
Approaches of the expense budget spreadsheet Excel, check income and expense spreadsheet.
- How to make a personal budget planner template?
- What are 50%, 30%, and 20% budget rules?
- How I can use daily expense spreadsheets in excel?
- What are the ways to use daily budget templates?
- What are the guideline and steps to create an expense spreadsheet in excel?
- Issue tracking sheet helps you for reconciliation
Managing the daily expense and the budge in hand can be as simple as just recording the cash in hand at the start and end of the day for finding the daily expense while comparing it with the budget allocated to certain tasks during budget management.
Key Features of Expense Budget Spreadsheet
But the approach of expense budge management sheet isn’t just limited to know what has been spent on the activity and what was the original budget. It is way beyond just recording data for accounting purposes. Check out a Restaurant Expense tracker, use this template for creating.
The actual purpose of the daily expense and budget spreadsheet template is to provide the real-time monitoring of activities allocated budget and expense been incurred on activities until the progress level of activity.
In short, this spreadsheet is a tool that is helpful to manage, track, and record all the expenses. It required to perform the task along with keeping in view the total budget for the activity so expenses shouldn’t exceed the allotted budget. There are some rules to dive your money in percentage at 50%, 30%, and 20%. It defines the needs, expense/spending, and allocating.
Significance of using daily income budget template:
The basic use and purpose of using the daily expense budget template are well explained in the above paragraph. Now it’s important to understand the significance of expense budget spreadsheets in cost and budget management of the project or business.
The core purpose of this Template is to record and monitor real-time data of expenses of certain acts of the project to maintain the balance in the expenses and the budget.
- The ultimate goal is to keep the expenses equal or under than allocated budget estimation for the activity
- It also provides detailed information about how the realization of the activity is different from the estimation
- Figure out what goes wrong or gets ignored in the estimation so the coming activities can be reviewed for the same reason
It helps the project managers to keep track of the remaining budget in hand to request the investors to release more funds.
Related Article: Travel Expense
Benefits of Expense Budget Planner (EBP):
For the arrangement of resources to perform activities on a weekly work schedule of the project, project managers require to see the total estimated expense of the activities along with the budget in hand.
In this way, any deficit in the estimation and budget in hand alters the managers to communicate with stakeholders for funds.
How to Create a Expense Budget Spreadsheet Excel?
There are different types of expense budget spreadsheet templates depending on the target discipline. For daily life expense management, it’s really simple to record each spending over the day and analyze it by comparing it with a total monthly or daily budget.
One can create categories and allocate budget to each category for more effective monitoring of expenses such as grocery, health, shopping, and utility bills budget estimations. For creating a production spreadsheet, this one helps you.
In project management, there is a bunch of activities that need to be performed as per sequenced matter for deliverables. These activities are sub-divided into small tasks for which estimated costs are written to calculate the total estimated cost of the activity.
Create Expense Planner for Small Projects
Below are the few simple steps to create an effective daily expense budget spreadsheet template for small projects;
- Over the header add project title and date. In the body section, make a primary column to enlist all the activities and sub-activities for which expenses been incurred on a particular day.
- Add a column for expenses such as labor, material, travel, equipment, fixed, and miscellaneous.
- Write the total budget and actual expense as the sum of all the above-mentioned categories for each activity.
- Subtract the actual expense from the budget to see the balance in under or over for analysis. In the end, add the subtotal for each column and calculate the total budget, total actual expenses, and total balance for the whole day.
- If the total balance is positive means the budget is under-utilized that is desired while negative balance shows the overutilization of budget that is the worrying sign for project managers.
Based on this estimation, the total budget template is allocated to each activity and the task of the project manager to perform the activity in the same allocated budget regardless of complexities.
For this purpose, project managers monitor the spending on each activity with subcategories of labor cost, materials cost, travel cost, equipment cost, and miscellaneous costs.
What is the Expense Budget (https://smallbusiness.chron.com/expenditure-budget-80151.html)
Creating a Budget Planner (https://www.liveplan.com/blog/a-fast-and-easy-way-to-build-an-expense-budget/)
How to Create? (https://articles.bplans.com/how-to-create-an-expense-budget/)